Canada is a seller’s market and a landlord’s paradise when it comes to real estate. However, with so many options, you’ll have a hard time attracting high-paying renters if your property is in poor condition. But, what kind of renovation is best suited for your property?
The top renters are looking for a well-maintained property that comes with all the bells and whistles. That’s why it’s best to strategically plan out home renovations in Vancouverto make the most of your rental property investment.
Renovation tips for Canadian landlords:
Add energy efficiency upgrades
Whether it’s a student or a working professional, everyone spends a significant portion of their income on rentals. For some, it’s as high as one-third of their income. So, even when you attract a top renter, they are going to look for ways to cut down on operational expenses. Choose energy-efficient upgrades during your Vancouver home renovation to minimise expenses for your tenants.
Energy efficient upgrades include:
- Upgrading the lighting with LEDs wherever possible
- Installing smart energy monitoring systems
- Adding smart thermostats that control the HVAC system’s heating and cooling capacity
- Upgrading the windows with triple paned panels and replacing the weather stripping on doors
- Upgrade existing appliances with more energy-efficient options
When considering energy-efficient upgrades for Vancouver home remodels, make sure that it provides you with a decent ROI in the long term. For instance, upgrading the insulation of your property would make it way more energy efficient. However, the increased rental income may fail to justify the massive investment you need to put in.
Freshen up the kitchen with minor upgrades
Kitchens tend to be the heart of the home and that’s why they are one of the most popular spaces that get remodelled and renovated by custom home building contractors. However, it’s easy to lose yourself in the flow and overspend here. Remember, that you’re investing to make money and a minor remodelling project should be plenty enough to avoid tenant turnover.
Think about functionality while considering aesthetics in the background. Minor remodel includes:
- Refinishing or repainting the kitchen cabinets
- Swapping the backsplash with more practical options like utensil racks or better lighting
- Change the countertop with more durable and stain-resistant material
- Adding a breakfast counter if you have an open floor plan
If you’re smart about it, recovering the renovation costs spent on your kitchen would be a breeze and you’ll be flooded with offers when you list your property on the market.
Swap the flooring
As soon as you see the word flooring, you’re already expecting a fat bill that wouldn’t make a lot of sense. Unless you’re on a rent-to-own model where you’re planning to move into your rental property in the future, expensive hardwood flooring or Italian marble seems like a waste of money and you’re absolutely right.
Instead, choose more affordable options like luxury vinyl flooring, which can provide the look and feel of hardwood or luxury stone tile to make rental renovations in Vancouver more successful. They are durable enough to last decades and make property management easier for both you and the tenant.
Make the bathroom more accessible
Canadians are ageing and people are living longer and healthier lives. When seniors and people with disabilities are looking through rental options, you’re going to fall out of favour if your bathroom isn’t accessible. Renovation companies in Vancouver BC suggest the following upgrades to make your bathroom more accessible and attract a wider pool of tenants:
- Grab bars and rails that provide extra support while moving
- Slip-resistant flooring
- Walk-in showers with seats that reduce the risk of shower accidents
- A lower sink
- Single-hole faucets that are easier to use for people with mobility issues
Add more functional storage
As real estate prices keep soaring and square footage keeps shrinking, it’s important to get rid of antiquated features like walk-in closets in favour of more practical storage. Upgrades like:
- Built-in cabinets
- Floating shelves, and
- Folding furniture with hidden storage
are all practical options that allow renters to have a more liveable experience and feel less cramped.
When you apply these tips for budget-conscious and strategic renovations, you’ll have an easier time increasing your passive income without losing on ROI. If you’re on a shoestring budget, a DIY job with deep cleaning and a fresh coat of paint can make your property more appealing to renters.
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